On June 12, 2025, U.S. President Donald Trump addressed the Coinbase State of Crypto Summit, emphasizing his commitment to cryptocurrency.

In his prerecorded message, Trump spoke to attendees as Congress deliberates on stablecoin regulation and the structure of the digital asset market.

He expressed strong support for the GENIUS Act, which aims to facilitate the creation of dollar-backed stablecoins and establish a regulatory framework to enhance America's position in the crypto market.

The GENIUS Act is currently undergoing a procedural vote in the Senate, following advancements in the House on a related market structure bill.

While the Senate prepares to vote on the GENIUS Act, the House is also considering the CLARITY Act to clarify the roles of the SEC and CFTC regarding digital assets.

However, some Democrats are opposing these bills, raising concerns about Trump's personal ties to the crypto industry, particularly through his family's involvement with World Liberty Financial.

During his address, Trump reiterated his intention to advance crypto policies, including the establishment of a national Bitcoin reserve and the creation of a working group focused on digital assets.

He mentioned an executive order regarding the creation of a national Bitcoin reserve, termed the US Strategic Bitcoin Reserve, although it has yet to be implemented.

Trump described it as an 'honor' to be viewed as the 'crypto president' and promised to reverse restrictions imposed by the previous administration on cryptocurrency.

His remarks come amidst an ongoing public dispute with Elon Musk, which has influenced market sentiments related to government spending and contracts.

At the summit, Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire discussed the evolution of the crypto industry and its potential integration into the global financial system.

This address marks Trump's second direct engagement with the crypto community since taking office, following his earlier message at the Digital Asset Summit in March.